It is known that magnets can be used to hold tools and work pieces, and applicant is aware of patents regarding such. See for example in the prior art:
U.S. Pat. No. 2,977,082 title “Magnetic Support” issued to Harris as of Aug. 1, 1960 describes “a ring magnet with a non-metallic insert that is apertured, and to entirely enclose the magnet and insert in a relatively thin layer of rubber-like material, thereby forming a homogenous covering that not only holds the insert in position but materially increases the frictional grip of the magnet on the metallic supporting surface, yet not materially reducing the holding power of the magnet.” See also U.S. patent application Ser. No. 12/701,776, published on Aug. 11, 2011 under publication number US2011-0192810, which describes a rack for storing hand tools on the side of a metal tool cabinet and which describes a variety of applications of the magnetic support.
U.S. Pat. No. 4,639,170 titled “Magnetic base for portable tools” issued to Palm as of Apr. 8, 1985 describes a power tool with a magnetic base with superposed magnets. Palm states that the upper assembly can be moved relative to the lower assembly to subtract from or reinforce the magnetic field. The upper assembly is somewhat shorter than the lower assembly so even when the upper assembly is positioned to shunt to subtract from the flux of the lower assembly there will be some magnetic flux attracting the base to a ferromagnetic material. When the sensing probe is pushed into the base the electric motor can be switched on to rotate a spindle on which a rotary cutting tool is axially mounted. The tool feed is controlled by a handle which can be mounted on either side of the tool housing.
U.S. Pat. No. 2,160,405 titled “Magnetic Work Holder”, issued to Frank effective on Apr. 8, 1938 describes a magnetically energized work holder for articles of magnetic material and in which the magnetic holding members are energized by permanent magnets.